Business growth – Changing insurance needs
Do you run a bookkeeping business, mortgage brokerage agency or hair salon? If so, you know how much time and effort it takes to build a small business from the ground up. Congrats on making it this far! We're willing to bet the growth of your business has had an effect on the way you work, and may have even changed your insurance needs. Here are a few questions you should ask yourself to figure out if your insurance coverage is still right for you.
Has the value of my building and other assets increased?
Has the growth of your business caused you to renovate or expand your workplace, move to a larger space or even add another location? Talk to your insurer to figure out if it's time to adjust your coverage.
And don’t forget your business’s assets. If you’ve purchased new items, it’s important to update your policy to make sure you have enough coverage.
Speak to your insurance company if you’ve added items like:
- Furniture and valuables
- Telephone and computer systems (e.g., tablets, computers)
- Machinery and tools
- Products and merchandise (increase in stock)
- New material and equipment
Has the nature of your activities changed?
A number of factors can impact how much property and liability insurance you need to make sure you're covered in the event of a loss. Let your insurer know if your growth has led to one of the following changes:
- Additional employees
- Diversification or expansion of your activities
- More clients
- More sales
- Opening of a new location, office or point of sale
Have you changed the way you use your commercial vehicles?
Also, don’t overlook insurance on your commercial vehicles. Tell your insurance company if you:
- Buy new commercial vehicles.
- Expand into another province or country.
- Change the way you use your commercial vehicles.
- Hire new drivers.
Desjardins Insurance can help you find the right coverage
We provide you with exclusive support geared specifically toward entrepreneurs, as well as legal assistance and a free business concierge service, not to mention up to 5% off when you bundle your business insurance policy with your commercial vehicle insurance.
Want to learn more about business insurance?
- Check out this page: Business insurance: Protecting your SME
- Get a quote online: https://www.desjardins.com/en/business/insurance/property-liability.html
Contact a Desjardins insurance agent at 1-866-472-8848.
Desjardins Insurance refers to Desjardins General Insurance Inc., provider of home, auto and business insurance products. These tips are provided for information and prevention purposes only. They are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting a property and casualty insurance agent for comprehensive, tailored advice. Certain conditions, limitations and exclusions may apply. The terms and conditions of the coverages described are set out in the insurance policy, which always prevails. Desjardins®, Desjardins Insurance®, all trademarks containing the word Desjardins, as well as related logos are trademarks of the Fédération des caisses Desjardins du Québec, used under licence.